Health Care · Life Sciences Tools & Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$690.00
52-week range
$434.50 – $704.00
Market cap
$256.0B
P/E (trailing)
37.0×
EV / EBITDA
36.1×
Free-cash-flow yield
2.9%
Dividend yield
0.3%
Revenue (last 12 months)
$46.3B
Revenue growth (3y a year)
−0.3%
Operating margin
17.6%
Return on invested capital
8.0%
Net debt / EBITDA
4.7×
Fair value
Blended fair value$378.38 range $360 – $401
Versus priceOvervalued−45% to fair value
Peer multiples
$431.60
Fundamentals-adjusted multiple
$440.90
10-year DCF (market-scaled)
$262.63
Earnings power value (floor, not blended)
$140.87
Model uncertainty
Medium
X-Ray Score
33/ 100 · High confidence · ahead of 15% of sector peers
Valuation21
Growth26
Profitability36
Financial health36
Dividends64
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Thermo Fisher Scientific supplies scientific instruments, laboratory equipment, reagents, consumables, software and services. Its well-known names include Thermo Scientific, Applied Biosystems, Invitrogen and Fisher Scientific. Customers include pharmaceutical and biotechnology companies, hospitals and clinical laboratories, universities, research institutes and industrial users. It also provides contract development, manufacturing and clinical research services to drug makers. The company reports in segments covering life sciences, analytical instruments, diagnostics, laboratory products and biopharma services.
Revenue of $46.3 billion over the last twelve months comes from instruments, from recurring consumables and reagents, and from services. Revenue has changed at -0.3% a year across the last three years, which is almost flat. The operating margin is 17.6%, the business earns 8% on the capital invested in it, and net debt is 4.7 times EBITDA. The dividend yield is 0.3%.
StocksXray gives Thermo Fisher Scientific Inc. an X-Ray Score of 33 out of 100 (high confidence), ahead of 15% of the S&P 500 stocks in its sector. Its strongest lens is dividends (64) and its weakest is valuation (21).
Our fair value blend is $378.38 (range $359.80 to $400.60). At $690.00 the stock trades 82% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Thermo Fisher Scientific Inc. (TMO)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$658.04
$544.30
$526.03
$516.97
$577.86
$690.00
Market cap
$261.2B
$214.5B
$204.1B
$198.0B
$218.4B
$256.0B
P/E
33.8×
30.9×
34.0×
31.3×
32.6×
37.0×
EV / revenue
7.4×
5.4×
5.4×
5.2×
5.6×
6.4×
EV / EBITDA
29.1×
28.7×
33.7×
30.5×
32.0×
36.2×
Price / free cash flow
38.5×
31.0×
29.5×
27.2×
34.7×
35.0×
Free-cash-flow yield
2.6%
3.2%
3.4%
3.7%
2.9%
2.9%
Price / book
6.4×
4.9×
4.4×
4.0×
4.1×
4.9×
Dividend yield
0.16%
0.22%
0.27%
0.30%
0.30%
0.27%
Fundamentals checklist ● 0 Good · ● 5 Average · ● 10 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.8%Bad
Free-cash-flow yield2.9%Bad
Risk models
Altman Z score3.7×Average
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)0.2%Average
Free-cash-flow growth (3y)−3.1%Bad
Revenue growth (3y)−0.3%Bad
Growth consistency80%Bad
Balance sheet
Current ratio1.6×Average
Net debt / EBITDA4.7×Bad
Interest cover5.6×Bad
Valuation
Fair value vs price0.5×Bad
EBIT / EV yield2.8%Bad
Profitability
Return on invested capital8.0%Bad
Operating margin17.6%Average
XStocksXray
Thermo Fisher Scientific Inc. (TMO)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
39,211
44,915
42,857
42,879
44,556
46,336
Gross profit
–
–
–
–
–
–
Operating income
10,028
8,393
6,859
7,337
7,746
8,146
Net income
7,728
6,960
5,955
6,338
6,721
6,984
Diluted EPS ($)
19.46
17.63
15.45
16.53
17.74
18.62
Free cash flow
6,789
6,911
6,927
7,267
6,293
7,318
Gross margin
–
–
–
–
–
–
Operating margin
25.6%
18.7%
16.0%
17.1%
17.4%
17.6%
Net margin
19.7%
15.5%
13.9%
14.8%
15.1%
15.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
95,123
97,154
98,726
97,321
110,343
113,174
Cash
4,477
8,524
8,077
4,009
9,852
4,064
Total debt
34,870
34,488
34,917
31,275
39,385
42,549
Equity
40,793
43,978
46,735
49,584
53,407
52,679
Dividend per share ($)
1.04
1.20
1.40
1.56
1.72
1.80
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.